Guide · Choosing adviser
Can you get a second opinion from another financial adviser?
A second opinion can be useful when a recommendation is expensive, irreversible, difficult to understand or simply does not feel well explained.
When might a second opinion be useful?
Large transfer or investmentThe financial consequence of getting the decision wrong is significant.
High ongoing feeYou want to understand whether the proposed service and cost are competitive.
Complex retirement decisionSeveral pension or income options are being combined.
You do not understand the recommendationClarity should come before commitment.
Take the same information to the second adviser
A useful comparison needs the same goals, assets, pensions, liabilities, time horizon and existing recommendation. Otherwise two advisers may simply be answering different questions.
Ask whether the second opinion itself has a fee
A second adviser may charge for reviewing an existing recommendation. Confirm the scope and price before asking them to do detailed work.
Different answers do not automatically mean one adviser is wrong
Financial planning can involve judgement as well as rules. Ask each adviser to explain the assumptions and trade-offs behind their recommendation.
Sources & further reading